By Accommodation Times (www.accommodationtimes.com)
Country’s biggest real estate portal 99acrres.com have revealed that the property price trends for the Bangalore region have seen an escalation if we compare per square feet prices (PSF) of Q4-11 over Q1-11.Therefore, although the real estate market seems to have been under stormy conditions, yet Bangalore has seen some price movement.
Commenting on the same Vineet Singh, Business Head, 99acres.com said“Bangalore has seen the high number of new project launches as compared to other cities. Localities in Bangalore North, South & South East have seen a large number of new project launches at various price points and prices being pushed higher over the last 6 – 8 months due to end user buying. The successful launch of the first reach of Namma metro has enabled a higher price push in Indiranagar and has created increased demand in localities around Kanakapura Road & Jalahalli which will soon be connected in the next reach. There is also the new lines of the 2nd phase announced recently for the metro, and the next 3 – 4 years will hopefully see a lot of the infrastructure and commuting ache in Bangalore being reduced and new investment localities have emerged across the city.”
A look at the property prices of areas in East Bangalore shows that all localities have seen price appreciation in Q4-11 when compared to Q1-11. Kaggadasapura and Banaswadi have seen 15% and 17% price appreciation in PSQF prices when we compare Q4-11 prices over Q1-11. The prevailing rates of these localities are at Rs 3000psf (per square feet) for Kaggadasapura and Rs 3400psf for Banaswadi. Indiranagar saw highest action with prices moving up by 21% in Q4-11 over Q1-11.
Barring localities of Hennur Road and Yelahanka which witnessed 5% and 2% dips in property prices, all the other localities in North Bangalore saw price appreciation. Thanisandra and Jalahalli witnessed maximum movement with prices moving up by 28% respectively in Q4-11 over Q1-11.
Prices remained flat in South Bangalore localities of Bannerghatta Road, Electronic City and JP Nagar. Jayanagar, Kanakpura Road and Hosur Road on the other hand witnessed prices rise within the range of 15% and 19% in Q4-11 when compared to Q1-11. BTM layout saw maximum price dip with PSQF prices dipping from Rs. 4072 in Q1-11 to Rs 3728 in Q4-11.